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Why UNT Dallas College of Law?

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Financial Aid and Loans

Introduction to Financial Aid

The term “financial aid” is often used to refer to one or both of two different sources for financing legal education. One source is scholarships or grants—that is, awards that do not have to be repaid by a student. A scholarship or grant might be solely need-based, solely merit-based, or a combination of both.

LOANS

There are two sources of loans for law students. One is the federal government. One is financial institutions such as banks.

Federal loans for law school consist mainly of two loans: Stafford loans, and Grad PLUS loans (these are available if the student has exhausted Stafford fund). These federal loans have certain parameters and features set by federal law, which are the same for all law students. These include: qualifying criteria for the borrower, interest rate, loan fee, the fact that the rate is fixed for the loan period, timing for cancellation, and the possibility of income-based repayment.

Educational loans from private financial institutions can vary substantially in their terms and parameters. To mention just a few differences, a bank might offer a fixed interest rate and a variable interest rate (while the federal loans use only a fixed rate), the interest rate of the loan can differ from lender to lender, and some lenders may offer lower interest rates for those with better credit history.

Federal Loans

Consistent with the legislation that authorized the College of Law, on September 1, 2015 the College of Law moved from being a unit within the UNT System to become a professional school of UNT Dallas. College of Law students are able to access federal loans and aid effective with this merger.

Evaluating the Option of Private Loan Financing

If you are considering borrowing through a private lender, we encourage you to:

Be sure you have exhausted all other possible sources of financial aid.

Consider all ways to reduce your expenses before you decide how much to borrow.

Borrow only what you absolutely need.

Loan Counseling

Loan counseling is required before taking out a student loan. The online loan counseling session provides very useful information and guidance about private loans. The session covers: private loan basics, private versus federal loans, eligibility, choosing a lender and loan, repayment, and delinquency and default. If you apply for a private loan to attend the College of Law, you will be notified about how to complete the online loan counseling.

STEPS IN APPLYING FOR PRIVATE LOANS

It is the student’s choice to select: which private lender, amount of educational loan, and the type of educational loan from among those offered by the lender or lenders. Our Office of Financial Aid & Scholarships will work with any lender you have selected in taking the steps such as certifying cost of attendance, processing, etc. The Office of Financial Aid & Scholarships adheres to the Code of Conduct as established by the Higher Education Opportunity Act as well as the National Association of Student Financial Aid Administrators' (NASFAA) Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals. View the Code at University of North Texas at Dallas Student Financial Aid & Scholarships Code of Conduct.

Here are the basic steps entailed in applying for a private loan. Please note that this is general information. More specific information relating to your particular financial aid will appear through the myLaw portal at the appropriate time.

Step 3. Choose a lender and complete the application to the lender.Step 4. Go through and complete on-line loan counseling. (A link to this will appear in your myLaw student portal.)Step 5. Review and accept/reduce/cancel the loan. (The information about your loan and the location for taking this step will appear in the myLaw portal.)

Important Questions

Before deciding on a lender, here are some questions you should ask.

How soon will I enter repayment? Are interest-only payments required during enrollment?

How often is the interest capitalized? (The frequency of capitalization will increase the total loan amount that you have to repay because you will be charged interest on a higher principal loan.)

Security Service Federal Credit Union

StuFund

A Cosigner for Your Loan

If you're a student with little or no credit history, it may be difficult for you to qualify for a loan without a creditworthy cosigner. This is particularly true now, as lenders tighten their credit criteria. But there is good news: Having a creditworthy cosigner has many benefits, including the possibility of substantial savings on your total loan cost.

Who should you ask to be a cosigner?

A wide range of individuals can be a cosigner as long as they are creditworthy, understand and accept the responsibilities of being a cosigner, and meet any specific cosigner requirements of the lender. A creditworthy cosigner is an individual with good or excellent credit and an ability to repay the loan.

You may want to ask:

A parent or guardian

A relative such as a grandparent, aunt, uncle, or cousin

Your spouse

Another individual who is supportive of your higher education goals

Select a cosigner who has demonstrated . . .

The ability to pay. When lenders evaluate cosigners, an important factor is the cosigner’s ability to pay, which includes comparing the cosigner's total debt to his or her total income.

Stability. Lenders look at how long cosigners have lived at their current address, whether they have a stable job, and whether they have an established credit history.

Willingness to pay. Lenders consider a cosigner’s credit scores and his or her payment history on other types of credit, including credit cards, mortgages, and automobile loans.

Benefits of applying with a creditworthy cosigner

A greater chance of getting approved for your loan. When you apply with a cosigner, the lender considers the income and credit histories of both you and your cosigner. A cosigner with a long history of good credit may be able to help if you have a limited credit history and enable you to qualify for the loan.

The possibility of a lower interest rate. The more creditworthy the cosigner, the greater is the potential for you to receive a lower interest rate on your loan. And a lower interest rate can mean significant savings over the life of your loan.

Responsibilities of a cosigner

Fill out the application. Both a student and a cosigner can apply together by clicking one of the apply links on this page.

UNT Dallas College of Law is provisionally approved by the American Bar Association’s Council of the Section of Legal Education and Admissions to the Bar,
321 North Clark Avenue, Chicago, IL 60654, 312-988-6738.